GOLD HOLDS NEAR RECORD AS RATE CUT HOPES RISE

Published on Aug 22, 2024 15:14

Gold eased to around $2,540 per ounce, staying near record highs as markets reacted to the Fed`s dovish stance from the latest FOMC minutes. Most policymakers signaled that a rate cut in September could be on the horizon if economic data meets expectations. Downward revisions in US payrolls heightened concerns about the labor market`s ability to withstand high rates, fueling bets on multiple rate cuts. The dollar index fell to a yearly low of 101.1. Meanwhile, MCX October bullion futures dipped by Rs 71 to Rs 71,759 per 10 grams.